Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 93 - Perfection and Priority
Section 9312 - Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection with...


(a) Perfection by filing permitted.--A security interest in chattel paper, negotiable documents, instruments or investment property may be perfected by filing.
(b) Control or possession of certain collateral.--Except as otherwise provided in section 9315(c) (relating to perfection of security interest in proceeds) and (d) (relating to continuation of perfection) for proceeds:
(1) a security interest in a deposit account may be perfected only by control under section 9314 (relating to perfection by control);
(2) except as otherwise provided in section 9308(d) (relating to supporting obligation), a security interest in a letter-of-credit right may be perfected only by control under section 9314; and
(3) a security interest in money may be perfected only by the secured party's taking possession under section 9313 (relating to when possession by or delivery to secured party perfects security interest without filing).
(c) Goods covered by negotiable document.--While goods are in the possession of a bailee that has issued a negotiable document covering the goods:
(1) a security interest in the goods may be perfected by perfecting a security interest in the document; and
(2) a security interest perfected in the document has priority over any security interest which becomes perfected in the goods by another method during that time.
(d) Goods covered by nonnegotiable document.--While goods are in the possession of a bailee that has issued a nonnegotiable document covering the goods, a security interest in the goods may be perfected by:
(1) issuance of a document in the name of the secured party;
(2) the bailee's receipt of notification of the secured party's interest; or
(3) filing as to the goods.
(e) Temporary perfection: new value.--A security interest in certificated securities, negotiable documents or instruments is perfected without filing or the taking of possession or control for a period of 20 days from the time it attaches to the extent that it arises for new value given under an authenticated security agreement.
(f) Temporary perfection: goods or documents made available to debtor.--A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for 20 days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of:
(1) ultimate sale or exchange; or
(2) loading, unloading, storing, shipping, transshipping, manufacturing, processing or otherwise dealing with them in a manner preliminary to their sale or exchange.
(g) Temporary perfection: delivery of security certificate or instrument to debtor.--A perfected security interest in a certificated security or instrument remains perfected for 20 days without filing if the secured party delivers the security certificate or instrument to the debtor for the purpose of:
(1) ultimate sale or exchange; or
(2) presentation, collection, enforcement, renewal or registration of transfer.
(h) Expiration of temporary perfection.--After the 20-day period specified in subsection (e), (f) or (g) expires, perfection depends upon compliance with this division.
(Apr. 16, 2008, P.L.57, No.13, eff. 60 days)

2008 Amendment. Act 13 amended subsec. (e).
Cross References. Section 9312 is referred to in sections 9310, 9323, 9324 of this title.

Structure Pennsylvania Consolidated & Unconsolidated Statutes

Pennsylvania Consolidated & Unconsolidated Statutes

Title 13 - COMMERCIAL CODE

Chapter 93 - Perfection and Priority

Extra - Chapter Notes

Section 9301 - Law governing perfection and priority of security interests

Section 9302 - Law governing perfection and priority of agricultural liens

Section 9303 - Law governing perfection and priority of security interests in goods covered by certificate of title

Section 9304 - Law governing perfection and priority of security interests in deposit accounts

Section 9305 - Law governing perfection and priority of security interests in investment property

Section 9306 - Law governing perfection and priority of security interests in letter-of-credit rights

Section 9307 - Location of debtor

Section 9308 - When security interest or agricultural lien is perfected; continuity of perfection

Section 9309 - Security interest perfected upon attachment

Section 9310 - When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply

Section 9311 - Perfection of security interests in property subject to certain statutes, regulations and treaties

Section 9312 - Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection with...

Section 9313 - When possession by or delivery to secured party perfects security interest without filing

Section 9314 - Perfection by control

Section 9315 - Secured party's rights on disposition of collateral and in proceeds

Section 9316 - Effect of change in governing law

Section 9317 - Interests which take priority over or take free of security interest or agricultural lien

Section 9318 - No interest retained in right to payment which is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers

Section 9319 - Rights and title of consignee with respect to creditors and purchasers

Section 9320 - Buyer of goods

Section 9321 - Licensee of general intangible and lessee of goods in ordinary course of business

Section 9322 - Priorities among conflicting security interests in and agricultural liens on same collateral

Section 9323 - Future advances

Section 9324 - Priority of purchase-money security interests

Section 9325 - Priority of security interests in transferred collateral

Section 9326 - Priority of security interests created by new debtor

Section 9327 - Priority of security interests in deposit account

Section 9328 - Priority of security interests in investment property

Section 9329 - Priority of security interests in letter-of-credit right

Section 9330 - Priority of purchaser of chattel paper or instrument

Section 9331 - Priority of rights of purchasers of instruments, documents and securities under other divisions; priority of interests in financial assets and security entitlements under Division 8

Section 9332 - Transfer of money; transfer of funds from deposit account

Section 9333 - Priority of certain liens arising by operation of law

Section 9334 - Priority of security interests in fixtures and crops

Section 9335 - Accessions

Section 9336 - Commingled goods

Section 9337 - Priority of security interests in goods covered by certificate of title

Section 9338 - Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information

Section 9339 - Priority subject to subordination

Section 9340 - Effectiveness of right of recoupment or set-off against deposit account

Section 9341 - Bank's rights and duties with respect to deposit account

Section 9342 - Bank's right to refuse to enter into or disclose existence of control agreement